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SECA Yearbook 2021

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SECA Yearbook 2021 SECA Yearbook 2021 SECA Yearbook - 2021 SECA Yearbook The Swiss Private Equity & Corporate Finance Association (SECA) is the representative body for Switzerland‘s private equity, venture capital and corporate finance industries. SECA has the objective to promote private equity and corporate finance activities in Switzerland. Meanwhile, SECA has a strong base of more than 500 members, which is composed of se- veral investment companies, banks, corporate finance advisors, auditing companies, management consultants, lawyers and private investors. SECA Yearbook 2021 May 2021 Publisher SECA – Swiss Private Equity & Corporate Finance Association Suurstoffi 1 CH-6343 Rotkreuz Production Druckerei Odermatt AG 6383 Dallenwil, Switzerland (www.dod.ch) Print run 800 Printed in Switzerland Cover Picture Adobe Stock Conception Maurice Pedergnana ([email protected]) Editor-in-Chief Jonas Brenner ([email protected]) For further questions: [email protected] / +41 41 757 67 77 SECA Yearbook 2021 Weiterbildung am IFZ Als Institut der Hochschule Luzern – Wirtschaft sind wir in der Schweiz das führende Fachhochschulinstitut im Finanzbereich. Seit über 20 Jahren bieten wir Finanzfachpersonen aus Unternehmen sowie Fach- und Führungskräften aus der Finanzbranche Weiterbildungen, Forschungs- sowie Beratungsdienstleistungen an. Wir legen Wert auf hohe Qualität und bieten als marktorientierte Weiterbildungsinstitution Dienstleistungen in einem attraktiven Preis-Leistungs-VerhältnisInserat an – oberstes ZielA5 sind zufriedene Kundinnen und Kunden. Master of Advanced Studies – CAS Economic Crime Investigation – MAS Bank Management – CAS Financial Investigation – MAS Controlling – CAS Financial Management – MAS Corporate Finance – CAS Finanz- und Rechnungswesen für Juristen – MAS Economic Crime InvestigationHSLU/IFZ– CAS Finanzmanagement für Nicht-Finanzfachleute – MAS Immobilienmanagement – CAS Funding & Treasury – MAS Pensionskassen Management – CAS Future of Insurance – MAS Private Banking & Wealth Management – CAS Gesamtbanksteuerung – CAS Governance, Risk and Compliance Diploma of Advanced Studies – CAS Group Reporting and Analysis – DAS Accounting – CAS Real Estate Development – DAS Bank Management – CAS Real Estate Investment Management – DAS Compliance Management – CAS Sales und Marketing im Banking – DAS Controlling – CAS Swiss Certified Treasurer (SCT)® – DAS Corporate Finance – CAS Turnaround Management – DAS Economic Crime Investigation – CAS Verwaltungsrat – DAS Pensionskassen Management – DAS Private Banking & Wealth Management Fachkurse Controlling, Digital CFO, Finanzen, Rechnungswesen, Certificate of Advanced Studies Risk Management, Treasury, Vermögensverwaltung – CAS Anlageberatung – CAS Asset Management Seminare und Konferenzen – CAS Commodity Professional Umfangreiches Angebot an Konferenzen und – CAS Controlling Seminaren zu finanzrelevanten Themen. – CAS Corporate Finance – CAS Crypto Finance & Cryptocurrencies Mehr Informationen – CAS Digital Banking www.hslu.ch/ifz-weiterbildung – CAS Digital Controlling 210308_w_ifz_ins_wir_fuehren_sie_148x210_seca.indd 1 19.02.21 11:00 Content Chapter I Report from the Chairman ............................................... 5 Chapter II Chapters & Working Groups ......................................... 19 Chapter III Industry Insights ............................................................ 41 Chapter IV SECA Events in 2020 .................................................... 61 Chapter V SECA Trainings in 2020 ................................................ 67 Chapter VI Financial Audit & Report ................................................ 69 Chapter VII Membership Reporting.................................................. 73 Full Members ................................................................ 74 Associate Members .................................................... 235 Individual & Honorary Members ................................... 280 Young SECA Members ............................................... 283 Chapter VIII Partner Associations ................................................... 289 Chapter IX Articles of Association & Model Documentations ......... 295 Chapter X SECA Membership Benefits ........................................ 297 SECA Yearbook 2021 – 3 The only office rule is: there is no office. 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Hosted in Swiss datacenters under Swiss jurisdiction. 24 x 7 x 365 personal Swiss service desk. endurit.com/cloud info endurit web engineering Cloud Services Seefeldstrasse 152 Web Applications CH-8008 Zurich Corporate Websites www.endurit.com E-Commerce [email protected] Hosting and Colocation +41 44 250 47 25 Web Consulting Report from the Chairman Report from the Chairman Dear Members and Readers, 2020 was a tale of two halves: during the first half of the year, global private equity deal volume fell rapidly, declining more than 20% relative to the same period in 2019; in the second half of the year, private equity dealmaking roared back to life, ending the year at approximately USD 600 billion, its highest level since 2007, as private equity firms acquired and invested in companies and businesses in record numbers even as the global Covid- 19 pandemic continued to wreak havoc on the broader economy. It is amazing that our global private equity industry is capable to deploy such a large amount of money in useful projects. However, the European Union endeavours to deploy a cool EUR 750 billion alone out of its «Corona Recovery Fund» without qualified projects managers, but with bureaucrats around Europe most of them having neither the slightest experience in identifying good investment opportunities nor the capability to manage large scale operations. In compari- son, think about the many thousands of battle-proven investment managers and senior executives in the private equity industry which deployed the before mentioned USD 600 billion worldwide. In the case of Spain, for example, there is even a left-communist gov- ernment (which reject capitalist business concept in the first place) asked to invest EUR 150 billion in economically viable projects and come up with intelligent business plans until April 2021. Remarkable! Is that really smart? I will be watching with great interest how this money is put to work on political pet projects, zombie companies and special interest groups. There is little due diligence expertise and weak governance structures in place. This will most likely go down in history books as a terrible policy. A big party financed by future generations. Remember this is money European kids will not have to spend on their own crisis in the future. 6 – SECA Yearbook 2021 On a different note, I am happy to report that private equity came out first in the long- lasting competition with the hedge fund industry on the 5 and 10 year horizon. According to a survey from Goldman Sachs with 200 large institutional investors (1) over 50% were unhappy with the hedge fund five and ten year performance, (2) only 6% reported that they were satisfied with the financial results, and (3) maybe the most telling insight is that as a outcome of the underwhelming long-term performance hedge funds lost their pricing power against their clients. The times of 2% fees and 20% performance fees are gone for good. According to Goldman Sachs fees constantly decreased year by year to more like 1.5% / 10% over the last ten years. In stark contrast to this development the private equity players are in a position to translate strong performance figures into solid pricing power for fees and favourable conditions in LP agreements. So far very well. The challenge will be to keep our performance numbers up after a cool 50% came from multiple expansion over the last ten years. Is this phenomenon going to repeat itself? Unlikely. We review in this yearbook this extraordinary chain of events and some of the key themes that drove private equity deal activity in 2020 and our expectations for 2021. Swiss Private equity dealmaking bounced back and finished strong in 2020. Venture Capital hit another record year with over CHF 2 billion invested. And yet, as we enter 2021, there is consid- erable uncertainty regarding the future performance of the equity markets and broader economy, and the tax and regulatory environment applicable to private equity. Figure 1: Swiss Venture Capital Activity 2021 Source: Swiss Venture Capital Report 2021, p.3 SECA Yearbook 2021 – 7 While we expect private equity deal volume to remain strong in 2021, as private equity investors look to put their huge amount of dry powder of more than CHF 3 trillion worldwide to work, we believe that the landscape will reward financial sponsors that exhibit both caution and creativity, taking care
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